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This post was originally written for our Fast Car Finance website, but with so many of our customers in the brilliant position of owning a classic car, we wanted to talk about how you can use it to fund a range of other business or personal projects? If you’ve got a motor car that’s worth a large sum of money, you can use it as security if you need to raise money quickly.
But, if you search for Equity Release on Google, you’ll see that pretty much every article talks about using your house as security for a loan. However, at Thames Valley Asset Finance, we like to think outside the box, and we know that you don’t have to use bricks and mortar to fund your latest business deal, another car to add to your collection as an investment or to inject cash in to your business if it’s needed.
One of our Fast Car Finance customers managed to raise £200,000 for a business deal without him needing to speak to the bank. All within just 10 days!
We quickly established that we could use the customer’s £495,000 1960 Aston Martin DB4 as security for the £200,000 loan that he needed for his business deal. The next step was to arrange an independent valuation, which allowed us to work out how much we could arrange the loan for.
Andy Wise, managing director of Thames Valley Asset Finance said:
“Equity release using a car or car collection is quite a niche area. Many people don’t even think about the assets that they are collecting, or driving around in. So, if you want to raise some cash quickly for a business deal, or to invest in another car, then consider using your modern or classic car to help you generate some money.”
“It really is a brilliant way to raise cash quickly – just a simple valuation of the car and there’s no need to get the bank involved. You don’t have to sell the car – you can continue to use it and it will continue to appreciate. Best of all, you won’t upset your wife or partner by raising a loan against a property either!
If you have a query about equity release, please give the Thames Valley Asset Finance team a call on 01635 785 400.
We can arrange a cash lump sum in between 5-10 days against the value of your car – something that only a specialist broker, can do.